“Maybe the market is not short of money at all.” Recently, a number of people in the fund industry expressed great emotion to the reporter of Securities Daily.
Last Thursday, the first public offering REITs in 2022 sold out one day, ending the offering ahead of schedule. The reporter learned that the subscription scale of CCCC REIT in one day may exceed 84 billion yuan. Such a hot scene is very rare when the fund issuance market is cold during the year.
With the coming of midsummer, can the issuance of new funds keep pace with the increasing heat of the weather? The reporter of securities daily observed the recent issuance of new funds and found that the fund issuance market once warmed up before the Qingming holiday, and the issuance of public REITs was also popular with funds last week. However, under the background of poor trend of A-Shares and weak channel sales, the overall issuance of public funds still showed the characteristics of “cold and warm”. It is worth noting that the holding fund stood out during this period and became the goal of each fund company.
125 new funds on sale
As of April 12, 125 funds in the whole market were still in the raising period, of which 16 were new funds raised in January and 23 were new funds raised in February. The average raising period of these 125 new funds reached 60 days.
In addition, there are 25 new funds (a/c shares are calculated in a consolidated manner, the same below) that are ready to go, and they are planned to enter the raising period in the middle or late April. Based on this calculation, 150 new funds will meet with investors in the whole market before May.
According to the newly issued Measures for the administration of the operation of publicly offered securities investment funds, the maximum period from the date of sale of new fund units to the date of completion of the sale shall not exceed 3 months. The reporter of Securities Daily found that among these new funds to be raised, there are 17 new funds with a raising period of 11 to 30 days, and the raising period of four funds is less than 10 days, including one QDII fund and one passive index fund with a raising period of only 4 days.
The announcement on the sale of new fund units shows that the average raising period of the 31 new funds to be issued is 22 days, which is shorter than the average raising time in March.
Recently, the issuance of new funds has warmed up. Data show that 175 new funds were established in March, a significant increase compared with 63 established in February this year. In March, the issuance scale of new funds was 121.2 billion yuan, a sharp increase of 259% compared with 33.8 billion yuan in February, which is also the month with the highest issuance scale of funds this year.
according to the data of Everbright Securities Company Limited(601788) Research Institute, the issuance shares of new funds increased significantly month on month in the week before the Qingming holiday, with a total issuance scale of 29.439 billion yuan, and the average issuance scale of a single fund was 685 million yuan. The funds issued in that week include 18 bond funds, 12 hybrid funds, 10 equity funds and 3 fof funds. Recently, the first public offering REITs product in 2022, which has been highly discussed in the market, is “sold out in one day”.
China Industrial Securities Co.Ltd(601377) chief strategist Zhang Qiyao said: “from the historical trend, the A-share index mostly showed an upward trend within 30 days before the recovery of the scale of new development funds. With the stabilization of the A-share market and the improvement of the market profit-making effect, it is expected that the fund issuance market will gradually pick up.”
“Recently, the uncertainty of macro factors has increased, and the market sentiment is relatively fragile. The market can stabilize effectively only after the fundamentals have bottomed, the external environment has improved and the signals of fundamentals repair appear,” AXA Puyin fund told the Securities Daily
Cai Jiali, an analyst at Guolian futures, said: “in March, the issuance of new funds gradually stabilized, and the activity of market funds increased, indicating that the market sentiment is slowly repairing.”
holding fund “popular”
Among the 25 new funds about to enter the raising period, there are 9 holding funds, accounting for nearly 40%; The number of index funds is 6, and most products are broad-based indexes; Bond funds account for a relatively small proportion.
Many fund industry insiders told reporters that since this year, various fund companies have competed to layout open-end funds with a certain closed period, namely holding funds. The characteristic of such funds is that they can be redeemed only after they are successfully subscribed for at least a certain period of time. At present, the short holding period is 7 days, such as the interbank certificate of deposit Index Fund issued at the end of last year; The holding period is longer than 7 years. At present, the holding period of most holding funds in the market is one year.
Why is the issuance of holding funds hot? Luan Tianhao, general manager of snowball fund, said in an interview with Securities Daily, “On the one hand, fund companies hope to bring better income experience to investors; on the other hand, fund managers don’t need to worry about the huge pressure of application and redemption caused by violent market fluctuations, so they can better pursue medium and long-term returns. Although investors will sacrifice part of their liquidity, they can avoid unnecessary losses caused by chasing up and down during the closed period. In addition, funds with a certain closed period can alleviate the base to a certain extent The phenomenon of “redeeming the old and buying the new” is widespread in the gold industry. “
The investment director of a fund company in Beijing told the Securities Daily: “investors have begun to realize that ‘it’s better to buy funds than to speculate in stocks’, and more people tend to hand over their money to professional people. Funds with a certain closed period can better avoid the situation of’ funds making money, but people don’t make money ‘.”
\u3000\u3000 “In the future, there will be more and more foundations with a certain closed period, because fund companies hope to bring better Revenue experience to users, and regulators also hope to gradually solve the problem of ‘funds make money, but people don’t make money’. In addition, at present, the market differentiation is obvious, and the style switching is also fast. If investors bet on a single style fund wrong, the experience will be poor and the time cost will be high. Therefore, fund managers will pay more attention to the balance of style , pursue steady excess returns and improve the holding experience of investors. ” Luan Tianhao said.
